HT&E closes down Techly and Lost at E Minor as Conversant Media folds into ARN
HT&E is to close Techly and Lost at E Minor as part of the group’s integration of Conversant Media into the ARN business.
The restructure will see Conversant Media’s other title, The Roar, survive with ARN claiming no jobs will be lost as a result of the sites’ closures.
HT&E boss Ciaran Davis said: “there will be a greater focus on The Roar, Australia’s leading sports opinion website”
Conversant, which won Mumbrella’s Small Publisher of Year Awards at the 2016 Publish Awards, was acquired by HT&E – then known as APN News & Media – in October that year for $11.6m plus founder earn-outs.
Brothers Zac and Zolton Zavos founded The Roar in 2007, later adding Lost at E Minor and Techly to the business to create Conversant Media. Four years after founding The Roar, Ten took a minority stake in the venture.
Last April, less than two years after the sale, Zac left HT&E followed by Zolton in December.
In the group’s last half year report, HT&E did not break out Conversant Media’s revenue contribution, but noted the business had suffered declines.
Since its $570m sale of Adshel, the other business it acquired at the time of purchasing Conversant, HT&E has been on a cost cutting campaign which has seen the group’s executive ranks culled.
However HT&E stated there will be no job losses due to the closure of the two titles.
ARN CEO Ciaran Davis said: “It was always our intention to better integrate the content offering of ARN and Conversant Media and by the end of Q1, the final phase of ARN’s integration of Conversant Media’s assets into its business will be complete.
“As part of the integration, there will be a greater focus on The Roar, Australia’s leading sports opinion website, lifting our ability to engage with sports fans and leverage this content across our broader network of assets.
“We have made the decision to cease publication of the Lost At E Minor and Techly websites and will roll in their unique content position across the broader ARN digital publishing and social offering, which currently attracts an unique Australian monthly audience of over 2.4 million.
“There will be no job losses as part of the integration and the existing team have been redeployed across ARN.”
No surprise here. Very logical move. They only would have bought it for The Roar (a great, simple business) and can write down other assets. Probably inflate their values as brands and get half the cash price back from the taxman.
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